MITs, CIVs, IMR and other TLA s

Published on 01 Jun 11 by "THE TAX SPECIALIST" JOURNAL ARTICLE

The Report of the Australian Financial Centre Forum has produced a number of tax related
recommendations, two of which are the focus of this article: the investment manager regime and the collective investment vehicle proposals. What connects these topics is the establishment of an overarching policy and structure designed to improve the effectiveness of the existing regime for the taxation of investment income where there is a separation of economic ownership and management, and to improve the attractiveness of Australia as a financial services centre.

The article accordingly discusses the revised managed investment trusts (MIT) withholding regime and current and future issues, elective capital gains tax treatment of certain MIT assets, the scope of the MIT definition, the board of Taxation MIT review and the government response, the proposed investment manager regime, the Johnson Report, the Treasury consultation paper and current developments, and the collective investment review and what it may bring.

Author profile

Andrew Mills CTA-Life

Andrew Mills, CTA-Life, is Chair of the Financial Reporting Council Australia, Acting Chair of the Board of Tax, Principal Fellow at Melbourne University Law School and a member of the ANU’s Tax and Transfer Policy Institute Advisory Board and the Executive Committee of IFA Australia Branch among other roles. Previously, Andrew was the Second Commissioner, Law Design & Practice, at the Australian Taxation Office from 2013–2019. Andrew has over 40 years’ experience in taxation, including periods in the ATO, commerce and the tax profession. Andrew was a Director (Partner) at Greenwoods & Freehills for more than 20 years and managing director of the firm from 2006 to 2011. Andrew was President of The Tax Institute in 2006–2007 and is a former Governor of the Taxation Research Foundation. Andrew holds qualifications in Business and Law and is a Chartered Taxation Adviser (Life), a Fellow of CPA Australia, a Graduate member of the Australian Institute of Company Directors and a Fellow of the Governance Institute of Australia. - Current at 06 January 2026

More by Andrew MILLS

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• Tax reform: Selected issues - 01-August-2020
• Tax administration continuum - "the law was made for man, not man for the law" paper - 24-August-2017
• Tax Administration Continuum – “The Law was Made for Man, not Man for the Law” paper - 17-August-2017
• The ATO’s approach to 2015-16 paper - 07-May-2015
• I’ve looked at tax from both sides now paper - 09-October-2014
• Trusts update: What the ATO thinks and why you should care paper - 05-September-2013
• The Rubik's Cube of tax - An update on trusts paper - 13-February-2013
• Managed investment trusts - 01-April-2012
• Managed investment trusts paper - 15-February-2012
• MITs, CIVs, IMR and other TLAs: Developments and current issues for inbound capital flows paper - 02-March-2011
• Key developments in transfer pricing and the taxation of business profits paper - 26-October-2010
• The Capital Revenue Debate and the Managed Funds Review - 01-April-2009
• The capital revenue debate and the managed funds review paper - 13-February-2009
• Business profits and permanent establishments paper - 18-September-2008
• International acts - Current developments in tax treaties paper - 13-March-2008
• The new withholding obligations paper - 19-September-2007
• President's Report: Steps of Change - 01-March-2007
• President's Report - 01-February-2007
• President's report: Transparent consultations - 01-December-2006
• President's report: Finding ways to simplify the tax system - 01-November-2006
• ROSA: not just a pretty name - managing compliance post ROSA paper - 27-October-2006
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• President's Report: ATO lodgment program - 01-October-2006
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• Risk management is for everyone paper - 26-August-2006
• President's Report: Tax Transparency - consulting with the ATO - 01-August-2006
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• President's Report: Superannuation reform – A step in the right direction - 01-June-2006
• President's Report: Real tax law reform - 01-May-2006
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• Rationalisation of legacy life and funds products paper - 17-February-2006
• Tax risk management in 2005 paper - 07-July-2005
• Some problems faced by internal tax managers paper - 18-March-2005
• Tax risk management seminar paper - 05-November-2004
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• The Ralph Report: life insurance changes - 01-November-1999
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